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Three essays on corporate narrative disclosures

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2023-04
Defense date
2023-07-12
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Accounting is the measurement, processing, and communication of economic activities and their results. Apart from numbers, a large amount of information is disclosed through narratives. This thesis presents three studies on the determinants, properties and consequences of firms’ narrative disclosures. In Chapter 1, “Firms’ Disclosure Strategies and Users’ Information Acquisition”, I study how firms’ disclosure strategies, i.e., smoothing and bundling, affect users’ decisions to acquire information. In Chapter 2, “Narrative Conservatism” (coauthored with Juan Manuel García Lara and Beatriz García Osma), we define narrative conservatism as narratives reflecting bad news in a more news-consistent, timely and complete manner than good news, and we find empirical evidence that corporate narrative disclosures is conservative. In Chapter 3, “Missing Narratives: Sample Selection Bias and Variable Choice in Textual Analysis Research” (coauthored with Andrea Bafundi, Beatriz García Osma and Encarna Guillamón-Saorín), we examine plausible biases in textual analysis studies of 10-K files. We provide detailed step-by-step guidance on how to download and prepare these files for analysis, and study the plausible biases introduced by a number of work-flow decisions regarding sample construction, data preparation, and variable choice.
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